Purchasing any property comes with a set of risks and realities. The potential for success is just as great for a purchasing a property off the plan, however the possible liabilities can prove problematic.
Due diligence is key with off the plan, so what exactly should you look out for?
- Potential suburbs and their capacity for growth
- Realistic prices for the type of property in the suburbs you are considering
- The housing composition that will provide the best financial growth
Register Your Interest
Registering with a project database or marketer’s database will set you in their sights when properties become available. Don’t be scared to give them your number and a quick description of what you are after
Be ready to purchase when the right property comes up. Chances are if you think it makes a good investment, so will many others
Consider the Area
The area of the house you will purchase will often make or break an investment. Consider the location and proximity to schools, transportation and access to work places
Do Not Forget to Research the Company You Purchase From
Research the profiles of the developers, designers and architects of any potential purchase
Do Not Neglect Legal Advice
Carefully select a lawyer or solicitor who is familiar with property law and understands your particular requirements
Do Not Leave Your Finances Until the Last Minutes
Property moves quickly and it will not slow down for you. Make sure you have sought the right financial advice to be able to make an offer quickly when the opportunity presents itself
Do Not Be Disrespectful
Treat every person on the adventure with respect. If one house doesn’t work out, you will want the agents championing you next time round as opposed to avoiding you
Do Not Forget What You are Purchasing and Why
Will the property be used as your primary home or an investment? Do not confuse the two!